An automated payments service has teamed up with a student accommodation provider to devise an eCommerce system allowing simpler rent payments.
Vyne uses Open Banking to move money in real time between bank accounts, by-passing the need for students to use credit card networks and their associated fees.
The partnership with accommodation service Kinetic sees Vyne offered as a payment method, allowing students to pay their rent directly from their account in as little as three clicks.
Instead of requiring card details, payments are authenticated through the a banking app and biometric scan, ensuring the transactor is who they say they are.
With QR codes that can be used for in-person payments and pay-by-links sent by email, SMS or messenger, students can get contributions from parents no matter where they are in the UK and Europe, for example.
For Kinetic’s clients this partnership means that less money is lost through card fees, fund settlement is instant, and the risk of fraud reduced.
Karl MacGregor, Vyne chief executive, says: “With card fees rising across a wide range of sectors, we’re proud to offer a solution that can enable companies to save money on their transactions and build greater trust that the payment is going to the intended recipient, while simultaneously providing consumers with an easier way to make payments.
“The education and property rental is a space in which we can make a significant difference for companies embracing simpler and more modern ways of transferring money from one account to another.”